"While the failure of fiscal policy is widely recognized, monetary policy still enjoys credibility, not only among policy makers but also with professional economists. Yet deeper investigation shows that monetary policy is like shooting in a dark room. Disaggregating the highly aggregated variables of standard monetary economics reveals that monetary policy suffers from a profound pretense of knowledge. When central banks are not able to fulfill their claim and promote economic growth, employment and price stability, the question comes up what the real mission is that they are after. The Federal Reserve System was founded in 1913 with the intention to safeguard the big players of the financial system. After a period when central bankers claimed that they would also promote prosperity we are now back at the old paradigm..."
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Central Banking: What Is It Good For?
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- Estabilidade Financeira E Política Monetária
Financial Stability and Monetary Policy: How Closely Interlinked? by Frank Smets European Central Bank Abstract The recent financial crisis has again raised the question to what extent price-stability-oriented monetary policy frameworks should take...
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Quantitative Easing – Folly or Method? By Antony P Mueller10/05/2012 Share on google_plusone ...
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Quantitative Easing – Folly or Method? by Antony P Mueller10/05/2012 While the failure of fiscal policy is widely recognized, monetary policy still enjoys credibility. Yet monetary policy is like shooting in a dark room. Monetary...
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The Future of Central Banking: Inflation Targeting versus Financial Stability The Challenge The global financial crisis 2008-2009 led to a profound rethinking of the pre-crisis monetary policy consensus. Since the great moderation...
- Política Monetária Entre Arte E Ciência
Journal of Economic Literature Vol. XXXVII (December 1999), pp. 1661–1707 Clarida, Galí, Gertler: The Science of Monetary Policy The Science of Monetary Policy: A New Keynesian Perspective Richard Clarida, Jordi Galí, and Mark Gertler1 “Having...